Macy's Stock Parade Marches on Amid Job Cuts

The retailer announces 2,500 layoffs and a rosy forecast, lifting shares to a record high. More gains ahead?

For 2,500 unfortunate Macy's employees, 2014 has been anything but a happy new year. For the department store giant, however, things are going exceptionally well.

Late Wednesday, Macy's (ticker: M) announced layoffs as part of a plan to cut costs and generate $100 million in annual savings, a move that helped the company issue a rosy profit outlook for the next fiscal year.